HANCOCK, MI-- LifePoint is entering into partnerships with two Upper Peninsula hospitals.
The board of Portage Health in Hancock and LifePoint finalized a joint venture agreement to share ownership and operation of the hospital. The deal will bring $60 million in capital improvements to Portage Health and about $40 million to fund a charitable organization.
LifePoint will own 80 percent of the joint venture and the hospital 20 percent, but governance will be equally shared.
And an agreement for LifePoint to acquire Bell Hospital in Ishpeming has also been finalized. About $5 million in capital investments are planned over the next ten years, including facility upgrades, state-of-the-art equipment, and better IT infrastructure.
Michigan Attorney General Bill Schuette has already approved both agreements.
